SYDNEY : Asian shares were sudued on Thursday after global central banks reaffirmed their inflation-fighting resolve, warning rates may need to rise further, while the yen and the Chinese yuan struggled to lift from lows amid fears of official intervention. MSCI's broadest index of Asia-Pacific shares out
SYDNEY : Asian shares were sudued on Thursday after global central banks reaffirmed their inflation-fighting resolve, warning rates may need to rise further, while the yen and the Chinese yuan struggled to lift from lows amid fears of official intervention.
The offshore yuan hovered near an eight-month trough at 7.24 per dollar on Thursday, after the central bank fixed the daily guidance at the weakest level since November. At a European Central Bank forum on Wednesday, Federal Reserve Chair Jerome Powell said the Fed will likely raise rates further and did not rule out a a hike for July. Notably, he said he did not see inflation abating to the 2 per cent target until 2025.
Futures see about an 80 per cent chance the Fed will raise interest rates by 25 basis points in July, before holding rates steady for the remainder of the year. Investors are now waiting for the U.S. Personal Consumption Expenditures index reading on Friday, the Fed's favored inflation gauge. Analysts polled by Reuters expect the core rate to be 4.7 per cent on a year-over-year basis, still well above the Fed's 2 per cent target.
The U.S. dollar was little changed against a basket of major currencies on Thursday, after rising 0.5 per cent overnight, aided by hawkish comments from Powell and quarter-end rebalancing flows.
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